STUY TOWN — The owner of Stuyvesant Town and Peter Cooper Village is looking to sell the massive housing complex, and has hired a firm to help negotiate the sale, according to a spokesman for the company.
CW Capital Asset Management, a loan-service firm that represents the creditors who own Stuy Town’s debt, has hired Doug Harmon of Eastdil Secured LLC to advise the company on a sale of the complex, according to a CW Capital representative.
The firm is able to move the sale process forward because it has “finalized in principle the settlement of the outstanding litigation,” spokesman Brian Moriarty told DNAinfo New York in a statement.
CW took charge of Stuy Town and Peter Cooper Village in 2010 after a $5.4 billion deal between BlackRock Realty and Tishman Speyer made in 2006 broke down in the midst of the recession when Tishman Speyer was unable to pay a $16 million loan on the property.
The firm has spent years bogged down in litigation with tenants over alleged illegal rent increases, and has also been battling in court over allegations that it seized the complex improperly in 2010. Moriarty would not go into specifics about what has allowed the potential sale to begin moving forward.
Some real estate experts have speculated that the complex, with more than 11,000 apartments, could still be worth at least $5 billion, and several firms are already circling overhead, according to news reports.
Harmon did not return a request for comment on Monday.
